As world leaders gather in the Amazon region for the latest United Nations Conference of the Parties, climate progress looks frail. The Belém, Brazil, event marks a decade since 195 nations agreed to the Paris Agreement, and emissions, global temperatures and numerous other indicators of planetary health are at perilous levels.
To date, the climate summits have been a parade of pledges without much hard progress to celebrate. This one, however, nicknamed the “implementation COP,” asks governments to show how they’ll actually meet their climate targets. That may result in ratcheting up pressure on the corporations driving so many emissions. “This COP must ignite a decade of acceleration and delivery,” said U.N. Secretary-General António Guterres on Nov. 6.
However, the heaviest emitters — the U.S., China, India — won’t join COP this time. (President Donald Trump’s withdrawal from the Paris pact is on track to finish in January.) And with key business events in São Paulo, fanfare from individual corporations so far appears muted, despite collaborative groups like We Mean Business, Principles for Responsible Investment, Ceres and the World Economic Forum.
Here are five calls to action for business likely to emerge as the main sessions start Nov. 10:
Mobilize $1.3 trillion in climate finance
On Nov. 5, the Baku-to-Belém Roadmap spelled out how nations can move $1.3 trillion of climate finance collectively by 2035. That goal, set last year at COP29 in Baku, Azerbaijan, also enlisted developed nations to lead with $300 billion or more each year for developing countries. That is achievable, according to the World Resources Institute.
But in 2022, just $22 billion of $116 billion in climate finance came from private sources. That suggests that banks and other corporations must not only shift how much they invest, but where — out of fossil fuels and toward high-impact sectors and regions, according to the 100-page roadmap. They should also understand how their supply chains, procurement and operations create investment opportunities in emerging markets, noted the authors. In addition, the goal should expand beyond mitigating emissions to fostering adaptive and nature-based solutions.
Define and scale adaptation finance
Jamaica is only the latest nation to reel from a strongest-yet climate event, Hurricane Melissa. To help the many more to follow, summit negotiators are tasked with agreeing on the first global goal on adaptation.
Within the $1.3 trillion target for climate finance, the U.N. is specifically asking for public and private actors to step up on adaptation finance that helps communities brace for and cope with climate-change impacts. Only up to $28 billion of this is flowing each year, yet developing countries are going to need hundreds of billions annually by 2030, according to the United Nations’ Adaptation Gap report, issued Oct. 29.
Its message for businesses: Treat adaptation as a central core strategy, not charity. Build resilience into operations. Use your capital and expertise to scale local adaptation finance. Then, prove it through disclosure and measurement.
Protect forests and biodiversity
Biodiversity watchdogs and Indigenous justice groups have cited a July ruling by the International Court of Justice that nations must protect nature and limit their emissions. Such voices are also calling for COP30 leaders to back the Tropical Forests Forever Facility model, released on Nov. 6. The financial tool would reward nations that protect rainforests. Land and legal rights for Indigenous populations and sustainable ocean plans are other focus areas.
What does that ask of business? Listen to local communities within value chains, scrub deforestation risks out of sourcing maps and create traceability for commodities, among other strategies.
Accelerate decarbonization and disclosure
At COP30, the U.N. is pressuring governments to submit their latest credible action plans, a.k.a. Nationally Determined Contributions. These plans are meant to specify pathways for finance, technology and policy. That pressure especially falls on heavy industry, shipping and other hard-to-abate sectors to prove out their work to decarbonize. It’s likely that COP30 will impose rigorous reporting requirements on companies that currently apply to nations, under the Paris Agreement’s Enhanced Transparency Framework.
Early movers can go beyond net zero targets to backing and following through on low-carbon activities and supply chains. Those just beginning can find efficiencies and sign off on science-based pathways.
In turn, We Mean Business, speaking for groups representing 135,000 companies, issued an ask for heads of state and government: Stop subsidizing fossil fuels and free up investment for electrification, renewable energy and storage.
Support credible carbon markets
A movement is building to accelerate support for well-vetted carbon credits to supplement direct decarbonization work. On Nov. 4, the Coalition to Grow Carbon Markets, which was started by Kenya, Singapore and the U.K. and has since gained broader support, called for strengthening business incentives “to invest in high-integrity carbon credits” including in Article 6 markets, which let countries swap credits with one another. Brazil is proposing an Open Coalition for Carbon Market Integration that would connect such systems across interested nations.
The writing on the wall for businesses integrating carbon credits: Use them strategically because markets, standards and regulations are moving quickly and reputational scrutiny is rising.
